Research Topic: Evaluating the Venture Capital Growth, Impediments, and Prospects in Sub-Saharan Africa Nations
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May 31, 2023
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Abstract
Purpose: Nowadays, is it internationally acknowledged that access to venture capital (VC) investment is central for market internationalisation, entrepreneurship development, job creation and economic growth. Although VC’s reputation is universally accepted among scholars and in academic literature, there is still a knowledge gap in Africa. The study intended mainly to explore why developing nations in Africa have not been fruitful at stimulating early-venture capital investment compared to the developed nations. We reflect a range of probable reasons that impede both foreign and domestic VC investment, including difficulties faced by the entrepreneurs in obtaining funding from VC firms.
Design/methodology/approach: Using multiple regression analysis, we examined data from 61 VC companies’ resident in East and Southern Africa from 2015-2021, coupled with in-depth interviews with twelve VC investors.
Findings: The study revealed that several early-stage firms lack the capacity to manage large tickets of above US$5 million. Second, the results affirm that the absorptive capacity and VCs’ geographical preference all combined significantly influence the growth of the VC industry, and this problem is heightened by government’s limited support to creating supportive policies that enhance SMEs’ growth.
Practical implications: The study offers good insights by suggesting direct government intervention in the form of instituting tax incentives on capital gains to inspire more foreign investors.
Paper type: Research paper
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References
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Barry, C. B., Muscarella, C. J., Peavy, J. W., & Vetsuypens, M. R. (1990). The role of venture capital in the creation of public companies. Journal of Financial Economics, 27(2), 447–471. https://doi.org/10.1016/0304-405X(90)90064-7
Becker, R., & Hellmann, T. (2003). The Genesis of Venture Capital - Lessons from the German Experience (No. 883; CESifo Working Paper Series). https://ideas.repec.org/p/ces/ceswps/_883.html
Bertoni, F., & Tykvová, T. (2015). Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies. Research Policy, 44(4), 925–935. https://doi.org/10.1016/j.respol.2015.02.002
Block, J. H., Colombo, M. G., Cumming, D. J., & Vismara, S. (2018). New players in entrepreneurial finance and why they are there. Small Business Economics, 50(2), 239–250. https://doi.org/10.1007/s11187-016-9826-6
Bottazzi, L., Rin, M. Da, Ours, J. C. van, & Berglöf, E. (2002). Venture Capital in Europe and the Financing of Innovative Companies. Economic Policy, 17(34), 229–269. https://www.jstor.org/stable/1344676
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Brown, G., Kenyon, S., & Robinson, D. (2020). Filling the U.S. Small Business Funding Gap. https://www.sbia.org/wp-content/uploads/2021/04/Kenan-FundingGap_02042020.pdf
Cavallo, A., Ghezzi, A., Dell’Era, C., & Pellizzoni, E. (2019). Fostering digital entrepreneurship from startup to scaleup: The role of venture capital funds and angel groups. Technological Forecasting and Social Change, 145, 24–35. https://doi.org/10.1016/j.techfore.2019.04.022
Celliers, M., Schachtebeck, C., & Diniso, C. (2021). Obstacles to Venture Capital Funding: the South African entrepreneurs’ perspective. The Journal of Accounting and Management, 11(2). https://dj.univ-danubius.ro/index.php/JAM/article/view/592
Chaparro, X. A. F., Kozesinski, R., & Salles Camargo Júnior, A. (2021). Absorptive capacity in startups: A systematic literature review. Journal of Entrepreneurship, Management and Innovation, 17(1), 57–95. https://doi.org/10.7341/20211712
Coad, A., & Karlsson, J. (2022). A field guide for gazelle hunters: Small, old firms are unlikely to become high-growth firms. Journal of Business Venturing Insights, 17. https://doi.org/10.1016/j.jbvi.2021.e00286
Da Rin, M., Nicodano, G., & Sembenelli, A. (2006). Public policy and the creation of active venture capital markets. Journal of Public Economics, 90. https://ideas.repec.org/a/eee/pubeco/v90y2006i8-9p1699-1723.html
Deloitte. (2009). Deloitte’s Private Equity Confidence Survey: The calm after the storm? Fanews. https://www.fanews.co.za/article/investments/8/general/1133/deloitte-s-private-equity-confidence-survey-the-calm-after-the-storm/6988
Donahue, D., & Timmerman, M. (2021). Private Equity Investment Opportunities in Africa: Evaluation of the Growth Opportunities and Risks in a Global Context. The Journal of Alternative Investments, 23(4), 61–83. https://doi.org/10.3905/jai.2021.1.124
Dossani, R., & Kenney, M. (2002). Creating an Environment for Venture Capital in India. World Development, 30(2), 227–253. https://doi.org/10.1016/S0305-750X(01)00110-3
Durham, J. B. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth. European Economic Review, 48(2), 285–306. https://doi.org/10.1016/S0014-2921(02)00264-7
Ernst & Young LLP. (2016). Ernst & Young Tax Guide 2017. John Wiley & Sons, Ltd.
Farag, H., Hommel, U., Witt, P., & Wright, M. (2004). Contracting, monitoring, and exiting venture investments in transitioning economies: A comparative analysis of Eastern European and German markets. Venture Capital, 6(4), 257–282. https://doi.org/10.1080/1369106042000258490
Fenton-O’Creevy, M. (1996). The middle manager: Friend or foe of employee involvement. Journal of Applied Management Studies, 5(1), 47–52. http://oro.open.ac.uk/47139/
Giardino, C., Wang, X., & Abrahamsson, P. (2014). Why Early-Stage Software Startups Fail: A Behavioral Framework (pp. 27–41). https://doi.org/10.1007/978-3-319-08738-2_3
Gilson, R. J., & Schizer, D. M. (2003). Understanding Venture Capital Structure: A Tax Explanation for Convertible Preferred Stock. Harvard Law Review, 116(3), 874. https://doi.org/10.2307/1342584
Gompers, P. A., Kovner, A., Lerner, J., & Scharfstein, D. S. (2005). Venture Capital Investment Cycles: The Impact of Public Markets (No. w11385; NBER Working Paper). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=731040
Hellmann, T., & Puri, M. (2002). Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence. The Journal of Finance, 57(1), 169–197. https://doi.org/10.1111/1540-6261.00419
Herrington, M., & Coduras, A. (2019). The national entrepreneurship framework conditions in sub-Saharan Africa: a comparative study of GEM data/National Expert Surveys for South Africa, Angola, Mozambique and Madagascar. Journal of Global Entrepreneurship Research, 9(1), 60. https://doi.org/10.1186/s40497-019-0183-1
Jeong, J., Kim, J., Son, H., & Nam, D. (2020). The Role of Venture Capital Investment in Startups’ Sustainable Growth and Performance: Focusing on Absorptive Capacity and Venture Capitalists’ Reputation. Sustainability, 12(8), 3447. https://doi.org/10.3390/su12083447
Jones, M., & Mlambo, C. (2013). Early-stage venture capital in South Africa: Challenges and prospects. South African Journal of Business Management, 44(4), 1–12. https://doi.org/10.4102/sajbm.v44i4.164
Kato, A. I., & Chiloane-Phetla, G. E. (2021). Government’s impact on the venture capital market and small-medium enterprises’ survival and growth in East Africa, evidence from Uganda. Journal of Contemporary Management, 18(2), 114–139. https://doi.org/10.35683/jcm20125.123
Kato, A. I., & Chiloane-Tsoka, G. E. (2022). The role of private venture capital investors in enhancing value-adding activities and innovation of high growth firms in Uganda. Entrepreneurship and Sustainability Issues, 9(4), 193–211. https://doi.org/10.9770/jesi.2022.9.4(10)
Kindström, D., Carlborg, P., & Nord, T. (2022). Challenges for growing SMEs: A managerial perspective. Journal of Small Business Management, 1–24. https://doi.org/10.1080/00472778.2022.2082456
Kneller, R. (2005). Frontier Technology, Absorptive Capacity and Distance*. Oxford Bulletin of Economics and Statistics, 67(1), 1–23. https://doi.org/10.1111/j.1468-0084.2005.00107.x
Kortum, S., & Lerner, J. (2000). Assessing the Contribution of Venture Capital to Innovation. The RAND Journal of Economics, 31(4), 674. https://doi.org/10.2307/2696354
Kransdorff, A. (2010). Corporate DNA: Using Organizational Memory to Improve Poor Decision Making. Development and Learning in Organizations: An International Journal, 24(4). https://doi.org/10.1108/dlo.2010.08124dae.002
La Porta, R., Lopez-Da-Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal Determinants of External Finance. The Journal of Finance, 52(3), 1131–1150. https://doi.org/10.1111/j.1540-6261.1997.tb02727.x
Lerner, J. (2010). The future of public efforts to boost entrepreneurship and venture capital. Small Business Economics, 35(3), 255–264. https://doi.org/10.1007/s11187-010-9298-z
Lerner, J., & Nanda, R. (2020). Venture Capital’s Role in Financing Innovation: What We Know and How Much We Still Need to Learn. Journal of Economic Perspectives, 34(3), 237–261. https://doi.org/10.1257/jep.34.3.237
Lingelbach, D. C., Murray, G. C., & Gilbert, E. (2009). The Rise and Fall of South African Venture Capital: A Coproduction Perspective. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1459175
Lu, J., Liu, X., Wright, M., & Filatotchev, I. (2014). International experience and FDI location choices of Chinese firms: The moderating effects of home country government support and host country institutions. Journal of International Business Studies, 45(4), 428–449. https://doi.org/10.1057/jibs.2013.68
Maher, H., Laabi, A., Ivers, L., & Ngambeket, G. (2021). Overcoming Africa’s Tech Startup Obstacles How established enterprises can help the region’s innovators scale up. BCG. https://www.bcg.com/publications/2021/new-strategies-needed-to-help-tech-startups-in-africa
Mason, C. (2010). Angel investment decision making as a learning process. https://strathprints.strath.ac.uk/39297/
Mason, C. M., & Harrison, R. T. (2002). Barriers to investment in the informal venture capital sector. Entrepreneurship & Regional Development, 14(3), 271–287. https://doi.org/10.1080/08985620210142011
Mbhele, P. (2012). The study of venture capital finance and investment behaviour in small and medium-sized enterprises. South African Journal of Economic and Management Sciences, 15(1), 94–111. https://doi.org/10.4102/sajems.v15i1.168
Mbonyane, B., & Ladzani, W. (2011). Factors that hinder the growth of small businesses in South African townships. European Business Review, 23(6), 550–560. https://doi.org/10.1108/09555341111175390
Murray, G. C. (2007). Venture Capital and Government Policy. In andbook of Research on Venture Capital. Edward Elgar Publishing.
NVCA, & Deloitte. (2021). VC Human Capital Survey. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/audit/vc-human-capital-survey-3rd-edition-2021.pdf
Partech. (2022). Africa Tech Venture Capital. https://partechpartners.com/2022-africa-tech-venture-capital-report/
Reynolds, P., Bosma, N., Autio, E., Hunt, S., De Bono, N., Servais, I., Lopez-Garcia, P., & Chin, N. (2005). Global Entrepreneurship Monitor: Data Collection Design and Implementation 1998?2003. Small Business Economics, 24(3), 205–231. https://doi.org/10.1007/s11187-005-1980-1
Sahlman, W. A. (1990). The structure and governance of venture-capital organizations. Journal of Financial Economics, 27(2), 473–521. https://doi.org/10.1016/0304-405X(90)90065-8
Spinelli, S., & Adams, R. (2016). Entrepreneurship for the 21st Century. In New Venture Creation: (10th ed.). Mc Graw Hill.
Tykvová, T. (2018). Venture capital and private equity financing: an overview of recent literature and an agenda for future research. Journal of Business Economics, 88(3–4), 325–362. https://doi.org/10.1007/s11573-017-0874-4
Van Deventer, B., & Mlambo, C. (2009). Factors influencing venture capitalists’ project financing decisions in South Africa. South African Journal of Business Management, 40(1), 33–41. https://doi.org/10.4102/sajbm.v40i1.533
Zachary, R., & Mishra, C. S. (2013). Research on Angel Investments: The Intersection of Equity Investments and Entrepreneurship. Entrepreneurship Research Journal, 3(2). https://doi.org/10.1515/erj-2013-0044
Zhang, Y. (2020). Discrimination in the Venture Capital Industry: Evidence from Field Experiments. https://doi.org/10.48550/arXiv.2010.16084
Anwana, E. (2020). Enhancing the Entrepreneurship Framework in South Africa, International Journal of Entrepreneurship. International Journal of Entrepreneurship, 24(3).
Avnimelech, G., & Teubal, M. (2004). Venture capital start-up co-evolution and the emergence & development of Israel’s new high tech cluster. Economics of Innovation and New Technology, 13(1), 33–60. https://doi.org/10.1080/1043859042000156020
Barry, C. B., Muscarella, C. J., Peavy, J. W., & Vetsuypens, M. R. (1990). The role of venture capital in the creation of public companies. Journal of Financial Economics, 27(2), 447–471. https://doi.org/10.1016/0304-405X(90)90064-7
Becker, R., & Hellmann, T. (2003). The Genesis of Venture Capital - Lessons from the German Experience (No. 883; CESifo Working Paper Series). https://ideas.repec.org/p/ces/ceswps/_883.html
Bertoni, F., & Tykvová, T. (2015). Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies. Research Policy, 44(4), 925–935. https://doi.org/10.1016/j.respol.2015.02.002
Block, J. H., Colombo, M. G., Cumming, D. J., & Vismara, S. (2018). New players in entrepreneurial finance and why they are there. Small Business Economics, 50(2), 239–250. https://doi.org/10.1007/s11187-016-9826-6
Bottazzi, L., Rin, M. Da, Ours, J. C. van, & Berglöf, E. (2002). Venture Capital in Europe and the Financing of Innovative Companies. Economic Policy, 17(34), 229–269. https://www.jstor.org/stable/1344676
Briterbridges.com. (2022). Africa Investment Report 2022. https://briterbridges.com/africa-investment-report-2022-by-briter-bridges
Brown, G., Kenyon, S., & Robinson, D. (2020). Filling the U.S. Small Business Funding Gap. https://www.sbia.org/wp-content/uploads/2021/04/Kenan-FundingGap_02042020.pdf
Cavallo, A., Ghezzi, A., Dell’Era, C., & Pellizzoni, E. (2019). Fostering digital entrepreneurship from startup to scaleup: The role of venture capital funds and angel groups. Technological Forecasting and Social Change, 145, 24–35. https://doi.org/10.1016/j.techfore.2019.04.022
Celliers, M., Schachtebeck, C., & Diniso, C. (2021). Obstacles to Venture Capital Funding: the South African entrepreneurs’ perspective. The Journal of Accounting and Management, 11(2). https://dj.univ-danubius.ro/index.php/JAM/article/view/592
Chaparro, X. A. F., Kozesinski, R., & Salles Camargo Júnior, A. (2021). Absorptive capacity in startups: A systematic literature review. Journal of Entrepreneurship, Management and Innovation, 17(1), 57–95. https://doi.org/10.7341/20211712
Coad, A., & Karlsson, J. (2022). A field guide for gazelle hunters: Small, old firms are unlikely to become high-growth firms. Journal of Business Venturing Insights, 17. https://doi.org/10.1016/j.jbvi.2021.e00286
Da Rin, M., Nicodano, G., & Sembenelli, A. (2006). Public policy and the creation of active venture capital markets. Journal of Public Economics, 90. https://ideas.repec.org/a/eee/pubeco/v90y2006i8-9p1699-1723.html
Deloitte. (2009). Deloitte’s Private Equity Confidence Survey: The calm after the storm? Fanews. https://www.fanews.co.za/article/investments/8/general/1133/deloitte-s-private-equity-confidence-survey-the-calm-after-the-storm/6988
Donahue, D., & Timmerman, M. (2021). Private Equity Investment Opportunities in Africa: Evaluation of the Growth Opportunities and Risks in a Global Context. The Journal of Alternative Investments, 23(4), 61–83. https://doi.org/10.3905/jai.2021.1.124
Dossani, R., & Kenney, M. (2002). Creating an Environment for Venture Capital in India. World Development, 30(2), 227–253. https://doi.org/10.1016/S0305-750X(01)00110-3
Durham, J. B. (2004). Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth. European Economic Review, 48(2), 285–306. https://doi.org/10.1016/S0014-2921(02)00264-7
Ernst & Young LLP. (2016). Ernst & Young Tax Guide 2017. John Wiley & Sons, Ltd.
Farag, H., Hommel, U., Witt, P., & Wright, M. (2004). Contracting, monitoring, and exiting venture investments in transitioning economies: A comparative analysis of Eastern European and German markets. Venture Capital, 6(4), 257–282. https://doi.org/10.1080/1369106042000258490
Fenton-O’Creevy, M. (1996). The middle manager: Friend or foe of employee involvement. Journal of Applied Management Studies, 5(1), 47–52. http://oro.open.ac.uk/47139/
Giardino, C., Wang, X., & Abrahamsson, P. (2014). Why Early-Stage Software Startups Fail: A Behavioral Framework (pp. 27–41). https://doi.org/10.1007/978-3-319-08738-2_3
Gilson, R. J., & Schizer, D. M. (2003). Understanding Venture Capital Structure: A Tax Explanation for Convertible Preferred Stock. Harvard Law Review, 116(3), 874. https://doi.org/10.2307/1342584
Gompers, P. A., Kovner, A., Lerner, J., & Scharfstein, D. S. (2005). Venture Capital Investment Cycles: The Impact of Public Markets (No. w11385; NBER Working Paper). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=731040
Hellmann, T., & Puri, M. (2002). Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence. The Journal of Finance, 57(1), 169–197. https://doi.org/10.1111/1540-6261.00419
Herrington, M., & Coduras, A. (2019). The national entrepreneurship framework conditions in sub-Saharan Africa: a comparative study of GEM data/National Expert Surveys for South Africa, Angola, Mozambique and Madagascar. Journal of Global Entrepreneurship Research, 9(1), 60. https://doi.org/10.1186/s40497-019-0183-1
Jeong, J., Kim, J., Son, H., & Nam, D. (2020). The Role of Venture Capital Investment in Startups’ Sustainable Growth and Performance: Focusing on Absorptive Capacity and Venture Capitalists’ Reputation. Sustainability, 12(8), 3447. https://doi.org/10.3390/su12083447
Jones, M., & Mlambo, C. (2013). Early-stage venture capital in South Africa: Challenges and prospects. South African Journal of Business Management, 44(4), 1–12. https://doi.org/10.4102/sajbm.v44i4.164
Kato, A. I., & Chiloane-Phetla, G. E. (2021). Government’s impact on the venture capital market and small-medium enterprises’ survival and growth in East Africa, evidence from Uganda. Journal of Contemporary Management, 18(2), 114–139. https://doi.org/10.35683/jcm20125.123
Kato, A. I., & Chiloane-Tsoka, G. E. (2022). The role of private venture capital investors in enhancing value-adding activities and innovation of high growth firms in Uganda. Entrepreneurship and Sustainability Issues, 9(4), 193–211. https://doi.org/10.9770/jesi.2022.9.4(10)
Kindström, D., Carlborg, P., & Nord, T. (2022). Challenges for growing SMEs: A managerial perspective. Journal of Small Business Management, 1–24. https://doi.org/10.1080/00472778.2022.2082456
Kneller, R. (2005). Frontier Technology, Absorptive Capacity and Distance*. Oxford Bulletin of Economics and Statistics, 67(1), 1–23. https://doi.org/10.1111/j.1468-0084.2005.00107.x
Kortum, S., & Lerner, J. (2000). Assessing the Contribution of Venture Capital to Innovation. The RAND Journal of Economics, 31(4), 674. https://doi.org/10.2307/2696354
Kransdorff, A. (2010). Corporate DNA: Using Organizational Memory to Improve Poor Decision Making. Development and Learning in Organizations: An International Journal, 24(4). https://doi.org/10.1108/dlo.2010.08124dae.002
La Porta, R., Lopez-Da-Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal Determinants of External Finance. The Journal of Finance, 52(3), 1131–1150. https://doi.org/10.1111/j.1540-6261.1997.tb02727.x
Lerner, J. (2010). The future of public efforts to boost entrepreneurship and venture capital. Small Business Economics, 35(3), 255–264. https://doi.org/10.1007/s11187-010-9298-z
Lerner, J., & Nanda, R. (2020). Venture Capital’s Role in Financing Innovation: What We Know and How Much We Still Need to Learn. Journal of Economic Perspectives, 34(3), 237–261. https://doi.org/10.1257/jep.34.3.237
Lingelbach, D. C., Murray, G. C., & Gilbert, E. (2009). The Rise and Fall of South African Venture Capital: A Coproduction Perspective. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1459175
Lu, J., Liu, X., Wright, M., & Filatotchev, I. (2014). International experience and FDI location choices of Chinese firms: The moderating effects of home country government support and host country institutions. Journal of International Business Studies, 45(4), 428–449. https://doi.org/10.1057/jibs.2013.68
Maher, H., Laabi, A., Ivers, L., & Ngambeket, G. (2021). Overcoming Africa’s Tech Startup Obstacles How established enterprises can help the region’s innovators scale up. BCG. https://www.bcg.com/publications/2021/new-strategies-needed-to-help-tech-startups-in-africa
Mason, C. (2010). Angel investment decision making as a learning process. https://strathprints.strath.ac.uk/39297/
Mason, C. M., & Harrison, R. T. (2002). Barriers to investment in the informal venture capital sector. Entrepreneurship & Regional Development, 14(3), 271–287. https://doi.org/10.1080/08985620210142011
Mbhele, P. (2012). The study of venture capital finance and investment behaviour in small and medium-sized enterprises. South African Journal of Economic and Management Sciences, 15(1), 94–111. https://doi.org/10.4102/sajems.v15i1.168
Mbonyane, B., & Ladzani, W. (2011). Factors that hinder the growth of small businesses in South African townships. European Business Review, 23(6), 550–560. https://doi.org/10.1108/09555341111175390
Murray, G. C. (2007). Venture Capital and Government Policy. In andbook of Research on Venture Capital. Edward Elgar Publishing.
NVCA, & Deloitte. (2021). VC Human Capital Survey. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/audit/vc-human-capital-survey-3rd-edition-2021.pdf
Partech. (2022). Africa Tech Venture Capital. https://partechpartners.com/2022-africa-tech-venture-capital-report/
Reynolds, P., Bosma, N., Autio, E., Hunt, S., De Bono, N., Servais, I., Lopez-Garcia, P., & Chin, N. (2005). Global Entrepreneurship Monitor: Data Collection Design and Implementation 1998?2003. Small Business Economics, 24(3), 205–231. https://doi.org/10.1007/s11187-005-1980-1
Sahlman, W. A. (1990). The structure and governance of venture-capital organizations. Journal of Financial Economics, 27(2), 473–521. https://doi.org/10.1016/0304-405X(90)90065-8
Spinelli, S., & Adams, R. (2016). Entrepreneurship for the 21st Century. In New Venture Creation: (10th ed.). Mc Graw Hill.
Tykvová, T. (2018). Venture capital and private equity financing: an overview of recent literature and an agenda for future research. Journal of Business Economics, 88(3–4), 325–362. https://doi.org/10.1007/s11573-017-0874-4
Van Deventer, B., & Mlambo, C. (2009). Factors influencing venture capitalists’ project financing decisions in South Africa. South African Journal of Business Management, 40(1), 33–41. https://doi.org/10.4102/sajbm.v40i1.533
Zachary, R., & Mishra, C. S. (2013). Research on Angel Investments: The Intersection of Equity Investments and Entrepreneurship. Entrepreneurship Research Journal, 3(2). https://doi.org/10.1515/erj-2013-0044
Zhang, Y. (2020). Discrimination in the Venture Capital Industry: Evidence from Field Experiments. https://doi.org/10.48550/arXiv.2010.16084